Principles of Microeconomics belongs to the CLEP® PREP suite of Saylor courses. This version of ECON101 will help you master the subject of microeconomics and will help prepare you to take theCLEP® exam in microeconomics. The purpose of this course is to provide you with a basic understanding of the principles of microeconomics. At its core, the study of economics deals with the choices and decisions that have to be made in order to manage scarce resources available to us. Microeconomics is the branch of economics that pertains to decisions made at the individual level, i.e., by individual consumers or individual firms after evaluating resources, costs, and tradeoffs. When we talk about the economy, we are referring to the marketplace or system in which these choices interact with one another. In this course, you will learn how and why these decisions are made and how they affect one another in the economy. Each of the following units has been designed as a building block, where the concepts you learn in one unit will enable you to understand the material you discover in the next unit. By the end of this course, you will have a strong grasp on the major issues that face microeconomists, including consumer and producer behavior, the nature of supply and demand, the different kinds of markets and how they function, and the welfare outcomes of consumers and producers. You will also be able to apply the formal principles you learn to real world issues. The scope and emphasis of this course, like the CLEP® exam, goes beyond a general understanding of microeconomics to incorporate the core concepts of the overall field of economics.The College Board, the organization which administers the AP and SAT exam programs you may have encountered or taken in high school, designs the CLEP® (College Level Examination Program) exams. CLEP® exams test for the mastery of college-level material that you may have acquired through any number of ways – through college-level course instruction, through independent study, through work experience, or through any other program of study that you have pursued. In other words, CLEP® exams are free-standing exams that any individual can pay to take in order to prove that he or she has mastered a given subject area at the college level.Over 2,900 US colleges and universities recognize and award college credit for a satisfactory score on a CLEP® exam. A student who earns a satisfactory score can be eligible for the same amount of college credit as a student who has successfully completed the same course at a traditional academic institution. Prospective students interested in accelerated degree programs are usually encouraged to take the CLEP® test. When you successfully pass each test, you will receive college credit that can:accelerate your degree;allow you to skip beginner courses and/or to take higher-level courses faster;help determine your readiness for classes;apply knowledge you already have; andsave money on books and tuition.All CLEP® exams are administered in multiple-choice format by computer. The Principles of Microeconomics CLEP® exam contains 80 multiple choice questions to be answered in 90 minutes. The fee for each CLEP® exam is $80, plus any service fees payable to the testing center. However, eligible military service members and civilian employees can take CLEP® exams free of charge.
Days of the Week:
Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, Sunday
- Level of Difficulty: All Levels
- Size: One-on-One
- Cost: Free
- Institution: Saylor
- Topics: Economics